Quarterly report pursuant to Section 13 or 15(d)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

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PREPAID EXPENSES AND OTHER CURRENT ASSETS
9 Months Ended
Jan. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets are as follows:

 

    January 31, 2022     April 30, 2021  
Prepaid consulting fees   $ 256,667     $ 966,260  
Prepaid insurance     370,179       -  
Other prepaid expenses     11,981       850  
Other receivables     -       16,210  
Total prepaid expenses and other current assets   $ 638,827     $ 983,320  

 

On June 14, 2021, the Company purchased directors and officers insurance for 12 months at an annual premium amount of $855,000. Prepaid insurance at January 31, 2022 represents the unamortized portion of annual premium paid for this policy. At January 31, 2022, prepaid consulting fees represented the balance of fees paid for consulting services to Spartan Capital Securities, LLC (“Spartan Capital”) that are expected to be recognized over the remaining term of the agreement that runs through December 31, 2022.